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Blog Post | Financial Reform

We oppose latest effort to weaken CFPB, other bank regulators | Ed Mierzwinski

Today, the House Financial Services Committee holds its latest cattle-call markup of a package of industry-backed bills designed to weaken consumer, taxpayer, depositor and investor protections. We've signed a letter opposing the so-called TAILOR (Taking Account of Institutions with Low Operation Risk) Act, which piles redundant requirements onto the Consumer Financial Protection Bureau and other regulators to do what they already do by existing law--treat small banks and credit unions differently than mega-banks. Also, the PIRG-backed Americans for Financial Reform sent up a letter opposing the TAILOR Act and 6 more of the 10 bills on the agenda because they are designed to weaken consumer, taxpayer, depositor and investor protections.

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News Release | U.S. PIRG | Consumer Protection, Financial Reform

More Than 100 Groups Insist on No Riders in Spending Legislation

The day before the White House is expected to release its fiscal year 2017 budget proposal, a coalition of more than 100 groups, including U.S. PIRG, sent a letter calling on President Barack Obama and all 535 members of Congress to oppose any federal appropriations bill that contains ideological policy riders.

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Blog Post | Consumer Protection, Financial Reform

100+ Groups Oppose Provisions That Threaten Public Protections | Mike Litt

The White House is expected to release its fiscal year 2017 budget proposal tomorrow. U.S. PIRG and various state PIRGs joined a coalition of more than 100 groups that sent the following letter calling on President Barack Obama and all 535 members of Congress to oppose any federal appropriations bill that contains ideological policy riders. 

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Blog Post | Financial Reform

CFPB Criticizes Banks Re Account Opening and Overdrafts, Offers Consumer Tips | Ed Mierzwinski

Today, the CFPB is holding a field hearing in Louisville on problems consumers face when opening bank accounts. It finds that big banks frequently offer consumers expensive accounts where they risk overdraft fees instead of affordable accounts. Further, the CFPB finds that the practices of specialty "bad check" credit bureaus make it harder to open accounts. The CFPB issued warnings to both the banks and credit bureaus while providing consumers with new tips and advice.

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News Release | NJPIRG | Consumer Protection, Financial Reform

GOOD NEWS FOR CONSUMERS AND FIRMS THAT WANT TO PLAY FAIR

"Today’s confirmation of Richard Cordray to head the CFPB for a full term is good news for consumers, and for firms that want to play fair in the financial marketplace."  

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News Release | NJPIRG | Budget, Public Health, Food

Ag Subsidies Pay for 20 Twinkies per Taxpayer, But Only Half of an Apple Apiece

Federal subsidies for commodity crops are subsidizing junk food additives like high-fructose corn syrup, at a rate that would buy 20 Twinkies for each taxpayer every year, according to NJPIRG's new report, “Apples to Twinkies 2013: Comparing Taxpayer Subsidies for Fresh Produce and Junk Food.”

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Twenty Top Generic Drugs Delayed By Industry Payoffs

New Jerseyans with cancer, heart disease, epilepsy and other conditions have been forced to pay an average of 10 times more than necessary for at least 20 blockbuster drugs. Brand drug manufacturers have made $98 billion in total sales off the drugs while the generic versions were delayed.

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News Release | NJPIRG | Public Health

Chemical Tragedies Reminder of Need for Better Chemical Safety Rules

Statement of Jen Kim, NJPIRG State Director, on Senate EPW Hearing on Chemical Safety

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Report | NJPIRG Law and Policy Center | Safe Energy

Unacceptable Risk

American nuclear power plants are not immune to the types of natural disasters, mechanical failures, human errors, and losses of critical electric power supplies that have characterized major nuclear accidents such as the one at Fukushima Daiichi power plant in Japan. Indeed, at several points over the last 20 years, American nuclear power plants have experienced “close calls” that could have led to damage to the reactor core and the subsequent release of large amounts of radiation.

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Report | NJPIRG Law and Policy Center | Tax

Tax Shell Game

Tax havens are countries with minimal or no taxes, to which U.S.-based multinational firms or individuals transfer their earnings to avoid paying taxes in the United States. Users of tax havens benefit from access to America’s markets, workforce, infrastructure and security, but pay little or nothing for it—violating the basic fairness of the tax system. Abuse of tax havens inflicts a price on other American taxpayers, who must pay higher taxes—now or in the future—to cover the government’s revenue shortfall, or must deal with cuts in government services.

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Report | NJPIRG Law and Policy Center | Consumer Protection, Financial Reform

Big Banks, Bigger Fees

PIRG staff conducted inquiries at 392 bank branches in 21 states and reviewed bank fees online in 12 others. This report, “Big Banks, Bigger Fees: A National Survey of Bank Fees and Fee Disclosure Policies,” examines the following questions: 
- How easy is it for consumers to shop around? 
- Can consumers still find free or low-cost checking accounts or has free checking ended? 

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Report | NJPIRG Law and Policy Center | Consumer Protection

Growing Up Toxic

A growing body of scientific evidence shows that the widespread use of chemicals in our society harms our health and the health of our children. The incidence of many serious health problems – including premature birth, learning disabilities, behavioral disorders, asthma and allergies, early puberty, obesity, diabetes, reduced fertility, and some types of cancer – shows links with exposure to chemicals that can interfere with the process of growth and development.

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Report | NJPIRG Law and Policy Center | Budget, Democracy

Following the Money 2011

The ability to see how government uses the public purse is fundamental to democracy. Transparency in government spending checks corruption, bolsters public confidence, and promotes fiscal responsibility.  This report is the second annual ranking of states’ progress toward new standards of comprehensive, one-stop, one-click budget accountability and accessibility.

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Blog Post | Public Health

Some Good, Some Bad in Obama Administration Plan to Protect Antibiotics | Sujatha Jahagirdar

Today, the National Task Force for Combatting Resistant Bacteria released a five-year action plan to tackle the growing problem of antibiotic resistance.  While the plan will take several important steps necessary to control the spread of antibiotic-resistant bacteria, it will miss the opportunity to call for critical reforms in the agricultural sector that are essential to protect public health.

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Blog Post | Consumer Protection

CFPB Adds Consumer Stories to Public Complaint Database | Ed Mierzwinski

Today, the CFPB took a step to make its excellent public database of consumer complaints even better, by adding complaint narratives (stories), but only with the consumer's consent. It's a step we've long urged. It will enrich our research into the marketplace, help consumers make choices and help good-actor firms avoid bad practices by others.

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Blog Post | Financial Reform

As NY Brings Credit Bureaus To Heel, CFPB Arbitration Study Paves Way Toward New Protections | Ed Mierzwinski

Two big consumer stories so far this week offer hope to consumers victimized by credit bureau errors and, more generally, by an inability to take credit bureaus, credit card companies, banks or payday lenders to court when harmed. On Monday, New York's Attorney General Eric Schneiderman signed a groundbreaking agreement with the Big Three credit bureaus, Equifax, Trans Union and Experian. Then today, the CFPB released a report finding that consumer legal rights are infringed by small-print forced arbitration clauses in credit card and other contracts.  The CFPB will hold a webcast public hearing at 11am Eastern time today (Tuesday) to discuss the report's findings and next steps.

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Blog Post | Financial Reform

Is Anyone Protecting Your Privacy Or Wallet? Turbotax? Anthem? Apple? The Government? | Ed Mierzwinski

As if recent privacy breaches at the online tax preparer Turbotax and the health insurer Anthem weren't enough, it turns out that low-tech hacks can trick the vaunted Apple Pay system into giving up cash to thieves, too. Meanwhile, while the administration's blueprint for a Privacy Bill of Rights in 2012 was excellent, its new legislative draft from the Department of Commerce could have been written by the U.S. Chamber of Commerce. There is some good news on privacy, though.

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Blog Post | Consumer Protection

As House Holds Oversight Hearing, 340 Groups Call For Defense of CFPB | Ed Mierzwinski

Today, Consumer Financial Protection Bureau Director Richard Cordray will present the CFPB's sixth semi-annual report to the House Financial Services Committee, whose majority members have been harsh critics of the successful consumer agency. Americans for Financial Reform, joined by the state PIRGs and a total of 340 national, state and local groups, sent Congress a letter explaining why the idea of the CFPB needs no defense, only more defenders.

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DEFEND THE CFPB

Tell your representative to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

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